• The Bank expects a 41% rise in 2025 and a further 6% increase in 2026.

• Gold topped $4,000 an ounce in October, driven by strong investment demand.

• Prices may only ease in 2027 amid monetary and geopolitical shifts.

The World Bank expects precious metal prices to remain elevated through 2026 before a mild correction in 2027, according to its latest Commodity Markets Outlook report released in late October 2025. The institution projects its precious metals index to rise by 41% year-on-year in 2025, followed by a 6% increase in 2026, and a 6% decline in 2027.

The rally is led mainly by gold and silver, which reached record highs in 2025. In early October, gold surpassed $4,000 per ounce, while silver traded above $51 per ounce — its highest level since 1980. The World Bank attributes this surge primarily to investment demand fueled by geopolitical tensions, macroeconomic uncertainty, and looser U.S. monetary policy amid a weaker dollar.

Global gold demand rose 13% in the first half of 2025, driven by strong inflows into exchange-traded funds (ETFs) backed by the metal, even as central bank purchases slowed. Following the sharp rise in 2025, the World Bank expects gold prices to grow at a slower pace of 5% in 2026, supported by ongoing—though reduced—central bank purchases and expectations of additional monetary easing in the United States.

Silver has benefited both as a safe-haven asset and as a key material in renewable energy and semiconductor industries. The Bank forecasts silver prices to climb 34% in 2025 and 8% in 2026, before dropping 10% in 2027. Platinum, meanwhile, is supported by tight supply in South Africa — the world’s leading producer — and a moderate rebound in industrial demand. Prices are expected to rise 29% in 2025, followed by gains of 4% in 2026 and 2% in 2027.

Other analysts share similar expectations. Bank of America and Société Générale forecast gold to reach $5,000 per ounce by the end of 2026, while Morgan Stanley and Goldman Sachs predict $4,500 and $4,900 respectively. Metals Focus projects an average platinum price of $1,670 per ounce in 2026, up 34% from 2025, according to Investing News Network. Bank of America also expects silver to hit $65 per ounce next year, with an average price of $56.25.

According to the World Bank, risks to precious metal prices remain tilted to the upside. Persistent geopolitical tensions or a global economic slowdown could push gold and silver prices above current forecasts, while a sharper U.S. monetary tightening or lasting geopolitical calm could dampen safe-haven demand and trigger a market correction.